The Nigeria international failed to secure a move to QPR at the end of the January transfer window despite turning up at Loftus Road on deadline day.
Odemwingie only made infrequent appearances off the bench over the second half of the season, and has been linked with Crystal Palace, Hull and Swansea, but West Brom are yet to receive a concrete offer for him.
"We have a player who is under contract until the end of the season," Peace told the Birmingham Mail.
"Unless something comes in to change our way of thinking he will be back in pre-season and we will deal with that.
"We took a view at the end of January - not only for the reasons of Peter Odemwingie, or QPR, or whichever agents were involved who acted disgracefully, but for the long term of this football club - that we have to behave a certain way.
"If we don't do that they will all be knocking on the door. Unless we get an offer we're happy with we won't sell him."